The Monthly Economic Activity Index (Imacec) is an estimate that summarizes the activity of the different branches of the economy in a given month, at prices from the previous year; its inter-annual variation constitutes an approximation of GDP evolution. The calculation of the Monthly Economic Activity Index is based on multiple supply indicators, which are weighted by the share of economic activities in the previous year’s GDP.

The Monthly Economic Activity Index is published on the first business day of each month taking into account a lag of 31 days in relation to the month being measured. In addition to this, a breakdown is published which distinguishes mining from all other activities —mining and non-mining series—, as well as the series at factor cost. All series are presented in both original and seasonally adjusted figures.

Consistent with the established publication policy, the Monthly Economic Activity Index series are revised along with the quarterly and annual national accounts.

May 2024’s monthly index of economic activity, Imacec

According to preliminary information, last May the Imacec rose 1.1% compared with the same month a year before (Table 1). The seasonally adjusted series dropped 0.4% with respect to the previous month, and gained 2.0% in twelve months. May 2024 came with one less working day than May 2023.

The Imacec result was explained by growth in mining, followed by services and other goods (Figure 1). The deseasonalized decrease reflected the results of manufacturing and services (Figure 2).

The non-mining Imacec posted annual growth of 0.2%, while the deseasonalized figure fell 0.5% from the previous month.

Imacec analysis by activity

1. Goods production

Goods production rose 3.5% annually, influenced by mining and other goods, and partly offset by the drop in manufacturing. In mining activity, the increase in output of copper and lithium stood out, as did the added value growth in electric power generation in the other goods category. Manufacturing figures were explained by lower production of chemical, oil, rubber and plastic activity.

In seasonally adjusted terms, the production of goods contracted 0.4% with respect to the previous month, as the manufacturing industry fell by 2.3%. In turn, mining activity grew 0.9%.

2. Trade

Commercial activity showed a decrease of 2.0% in annual terms. All its components contributed to this result, particularly automotive and wholesale trade. In the former, lower sales of vehicles stood out, and in the latter, sales of machinery & equipment and construction materials. Meanwhile, the retail trade result was mainly explained by lower sales in department stores.

The deseasonalized figures showed a contraction of 0.4% with respect to the previous month, affected by automotive and retail sales.

3. Services

Services grew 0.8% in annual terms, explained by personal services and transportation, while entrepreneurial services decreased.

The deseasonalized figures were down 0.2% with respect to the month before.

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